A new forecast from the National Association of Realtors (NAR) is predicting a 14% increase in existing home sales during 2026.
NAR Chief Economist Lawrence Yun is expecting improved economic conditions next year with easing mortgage rates and a stronger job market. But while home prices are forecast to increase by 4% next year, Yun is optimistic on homeownership affordability.
“As we go into next year, the mortgage rate will be a little bit better,” said Yun. “It’s not going to be a big decline, but it will be a modest decline that will improve affordability.”
Yun added that markets where new housing supply is most robust will be more affordable, adding, “Houston is creating more home construction, and therefore making home prices much more reasonable. Given the job creation, buyers will inevitably be showing up to Houston once the mortgage rate goes down.”
0 Comments